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OPEC says to meet non-OPEC producers on Dec. 10 in Vienna

metro by metro
December 5, 2016
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OPEC will meet non-OPEC countries to finalise a global oil output-limiting pact on Dec. 10 in Vienna, the first such meeting since 2002, OPEC’s secretary general said on Monday.

Mohammed Barkindo announced the meeting plan at a conference in New Delhi, according to a copy of his speech. The meeting had earlier been due to take place in Moscow.

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  The Organization of the Petroleum Exporting Countries agreed last week to reduce oil output by around 1.2 million barrels per day (bpd) beginning in January in a bid to reduce global oversupply and prop up prices.

It hopes non-OPEC countries will contribute another 600,000 bpd to the cut. Russia has said it will reduce output by around 300,000 bpd.

 

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